making a payment on credit cards
Date: Fri, 05/13/2005 - 17:48
making a payment on credit cards
i have alot of debt on credit cards. Don't know if i should file bankcrupty or pay a small amount (not the minimum) Is this adviseable????
My husband was murdered 2 years ago and I collect social security for our 5 small children. Rent is more than I receive. I have used credit cards to pay bills to survive for food, clothes for the kids, shoes etc. I have a part time job but it does not pay very much. I can not pay the minimum payment on the cards nor on the date they are due therefore, I get late fees and because of the late fee it has pushed me over the credit limit which I am hit with over the limit fees on top of late fees.
Now, I feel I am too far into debt to get out. Should I file bancrupcy or just pay each creditor a small amount?
My husband was murdered 2 years ago and I collect social security for our 5 small children. Rent is more than I receive. I have used credit cards to pay bills to survive for food, clothes for the kids, shoes etc. I have a part time job but it does not pay very much. I can not pay the minimum payment on the cards nor on the date they are due therefore, I get late fees and because of the late fee it has pushed me over the credit limit which I am hit with over the limit fees on top of late fees.
Now, I feel I am too far into debt to get out. Should I file bancrupcy or just pay each creditor a small amount?
Hi cruz79It will not be a good move to file bankruptcy as it
Hi cruz79
It will not be a good move to file bankruptcy as it ruins the credit report and there is no way to repair it till a longer period. At least, if debt consolidation be the choice, then through minimum payments, you can pay your debts within a reasonable period of time and hence make a clean credit report. I suggest that you should not file a bankruptcy and you can have a better understanding regarding this at http://www.debtconsolidationcare.com/avoid-bankruptcy.html
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I can not pay the minimum payment on the cards nor on the date they are due therefore, I get late fees and because of the late fee it has pushed me over the credit limit which I am hit with over the limit fees on top of late fees. |
At this point, the debt consolidation will be a relief because the debt counselor will negotiate with your creditor. He will make all the possible efforts to wipe off your additional fees and late charges, penalties etc. with the creditors.
I suggest that when the consultant gets in touch with you, you should discuss the whole problem with him and he will lay out the best debt consolidation option for you which will be quite easier for you in making the payments.
I am sure that this will be your positive move to get all your bills paid and therefore make your move towards a debt free life.
Looking forward to hear from you soon
Roxette
RE:
Hi cruz79,
Welcome to the community.
Quote:
i have a lot of debt on credit cards. Don't know if i should file bankrupty or pay a small amount (not the minimum) Is this adviseable???? |
Bankruptcy is the last option you should opt for credit card debts are unsecured debts and can be cleared with debt consolidation. Debt Consolidation is one of the most popular ways to eliminate unsecured debts.
With debt consolidation your total debt amount will be eliminated in a major way and all your late fees will be deducted.You just need to pay an affordable monthly installment in order to clear all your debts within a reasonable period of time. Debt consolidation is one of the safest, smartest and fastest ways to get rid of your debts.
For details view:
http://www.debtconsolidationcare.com/benefits.html
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Don't know if i should file bankcrupty |
It is the last option for any debtor. Bankruptcy not only spoils your credit report but also disqualifies you for future financial benefits. There are lot of options to try out other than bankruptcy which will give you a better financial life.
avoid bankruptcy by all means.
Do come back to us for further clarifications and the community members will be here to help you.:D
Regards,
Faithful buddy
